Results

CEP discussion paper

Defense promotion and industrial development

Major economies are rearming, and rearmament is itself industrial policy. I ask whether defense promotion?especially innovation policy?can drive industrial development beyond the defense sector. I synthesize evidence on ...Read more...

Blog

VoxEU:

Place-based industrial policies in the long run

There is growing evidence that place-based industrial policies lead to positive economic effects. This column analyses the 'Million-Rouble Plants' programme of the 1950s when the Soviet Union helped China build state-of-...Read more...

Journal article

Nature Climate Change:

The environmental impact of multinational firms in Africa

Whereas environmental conditions are improving in many developed countries, environmental degradation is still widespread. Multinational enterprises could play a central role in solving or fuelling these global environme...Read more...

Journal article

Journal of International Economics:

The US-China trade war creates jobs (elsewhere)

We examine the indirect effects of the 2018-2019 US-China trade war on Brazil?s labor market. We construct a measure of regional exposure to the trade conflict using industry-specific tariff changes and the sectoral empl...Read more...

Blog

Vox EU:

When and why political leaders polarise rhetoric: Evidence from Twitter/X

Standard theories of electoral competition predict that politicians should converge toward the centre as elections approach. This column challenges this prediction, using 3.4 million tweets from 367 political leaders acr...Read more...

Journal article

The Quarterly Journal of Economics:

Making the invisible hand visible: managers and the allocation of workers to jobs

Why do managers matter for firm performance? This article provides evidence of the critical role of managers in matching workers to jobs within the firm using the universe of personnel records from a large multinational ...Read more...

CEP discussion paper

Internal pay equity and the quantity-quality trade-off in hiring

Firms face significant constraints in their ability to differentiate pay by worker productivity. We show how these internal equity constraints generate a quantity-quality trade-off in hiring: firms which offer higher wag...Read more...

CEP discussion paper

Exchange-rate pass-through and invoicing currency choice in international production networks

We study exchange-rate pass-through and currency choice in international transactions, focusing on bilateral bargaining power in relationships between domestic buyers and foreign suppliers. Using detailed transaction-lev...Read more...

CEP discussion paper

The economics of architecture

We illustrate the coordination problem in the provision of distinctive architectural design that arises from design externalities within a quantitative model. To quantify the model, we conduct a quantitative review of a ...Read more...

CEP discussion paper

A wartime labor market: the case of Ukraine

Wars disrupt labor markets, yet systematic evidence on how markets for labor services operate during conflicts is almost entirely absent. Ukraine is a rare exception: despite the full-scale Russian invasion, timely data ...Read more...

Journal article

Journal of Public Economics:

The impact of subjective school ratings on principal compensation and turnover

Prior research has established that objective, test-score-based school accountability measures impact school leaders. Subjective evaluations, on the other hand, can provide a more nuanced assessment of school quality. Th...Read more...

Journal article

The Economic Journal:

Non-compete agreements, wages and efficiency: theory and evidence from Brazilian football

The Pele Act banned non-compete agreements in Brazilian football in 1998. We explore this policy change to study how non-competes affect the labour market. The Act changed the wage profile heterogeneously, reducing young...Read more...

Journal article

The Economic Journal:

Manipulation and selection in unemployment insurance

In this paper, we study the selection patterns of individuals who manage to have their lay-off delayed around an age at lay-off threshold entitling them to four additional months of unemployment insurance, that is, manip...Read more...

Chapter

Immigration, diversity and innovation in cities and regions

in A Research Agenda for Migration and Innovation

This chapter investigates the interplay between immigrant diversity and innovation, emphasizing the urban and regional dimensions where these effects are most pronounced. Cities and urban areas are pivotal to the generat...Read more...

Journal article

Journal of Labor Economics:

Technological change and domestic outsourcing

Domestic outsourcing has grown substantially in developed countries over the past two decades. This paper addresses the question of the technological drivers of this phenomenon by studying the impact of the staggered dif...Read more...

CEP discussion paper

Marriage and misallocation: evidence from 70 years of US history

The traditional expectation that married women should be homemakers restricts them from pursuing their comparative advantage in the labor market. I quantify the aggregate economic consequences of these marriage-specific ...Read more...

CEP discussion paper

Private highs: investigating university overmatch among students from elite schools

Inequality in elite college attendance is a key driver of intergenerational mobility. This paper shifts the focus upstream to examine how elite high school attendance - specifically, enrollment in UK private, fee-paying ...Read more...

Journal article

American Economic Review:

Monopsony and employer misoptimization explain why wages bunch at round numbers

We show that administrative hourly wage data exhibit considerable bunching at round numbers. We run two experiments randomizing wages around $0.10 and $1.00 to experimentally measure left-digit bias for identical tasks o...Read more...

Journal article

American Economic Journal: Economic Policy:

The making of civic virtues: a school-based experiment in three countries

This paper shows that schools can foster the transmission of civic virtues by helping students to develop concrete, democratically chosen, collective projects. We draw on a RCT implemented in 200 middle schools in three ...Read more...

Journal article

American Economic Journal: Applied Economics:

Background matters, but not whether parents are immigrants: outcomes of children born in Denmark

In Europe, the children of migrants often have worse economic outcomes than those with local-born parents. This paper shows that children born in Denmark with immigrant parents (first-generation locals) have lower earnin...Read more...

CEP discussion paper

Estimating labour market power: the long and short of it

This paper combines two empirical traditions in the study of employer monopsony power. One tradition estimates static firm labour supply elasticities, while the other focuses on labour market flows, estimating separation...Read more...

CEP discussion paper

Public sector performance disclosure: salary and career outcomes for top managers and employees

Public sector organizations around the world are held to account on the basis of objective measures of performance. This paper investigates, for the first time, the impact of subjective school inspection ratings on labor...Read more...

CEP discussion paper

Willingness to pay for workplace amenities

We develop a revealed preference approach to measure the value of workplace amenities by analyzing how variation in non-wage job attributes affects excess mass in the earnings distribution at budget discontinuities. The ...Read more...

Journal article

Economics Letters:

Bridging barriers: how Covid-19 changed racial diversity in economics seminars

In this paper, new facts are documented on the racial distribution of seminar speakers in economics. From a sample of 270 institutions, I determined that before the Covid-19 pandemic, 82.5% of seminars were given by Whit...Read more...

CEP discussion paper

The US-China trade war creates jobs (elsewhere)

We examine the indirect effects of the US-China trade war on Brazil's labor market. Using industry-specific tariff changes and the sectoral employment distribution across local labor markets, we construct a measure of re...Read more...

CEP discussion paper

Teaching happiness (economics) in your dismal-science courses

This paper discusses ideas for incorporating the study of happiness and other measures of self-reported or subjective well-being (SWB) into undergraduate economics courses. We begin by motivating why students of economic...Read more...

Journal article

American Economic Review:

Fighting climate change: international attitudes toward climate policies

This paper explores global perceptions and understanding of climate change and policies, examining factors that influence support for climate action and the impact of different types of information. We conduct large-scal...Read more...

Journal article

LSE Public Policy Review:

Explaining variation in child penalties: the role of gender norms and policies

This paper contributes to understanding global variation in child and marriage penalties by focusing on the role of patriarchal control, gender norms, and public policies. We introduce a new measure of gender norms, the ...Read more...

CEP discussion paper

Evaluating transport improvements in spatial equilibrium

The recent development of quantitative urban models provides a new set of tools for evaluating transport improvements. Conventional cost-benefit analyses are typically undertaken in partial equilibrium. In contrast, quan...Read more...

CentrePiece article

Daniel Kahneman: a legacy

The late Nobel laureate Daniel Kahneman had a long association with CEP. At an LSE event, Richard Layard, Gillian Tett and Paul Dolan discussed how his work influenced psychology, economics and society ? and their experi...Read more...

Journal article

European Economic Review:

Does the child penalty strike twice?

This paper compares the labor market trajectories of grandparents before and after the arrival of their first grandchild. We find gender gaps in earnings of 4 and 10 percent five and ten years, respectively, after the fi...Read more...

CEP discussion paper

Paper tiger? Chinese science and home bias in citations

We investigate the phenomenon of home bias in scientific citations, where researchers disproportionately cite work from their own country. We develop a benchmark for expected citations based on the relative size of count...Read more...

Blog

Vox EU:

What impact have trade sanctions had on Russia? (Podcast)

Recorded at the CEPR Paris Symposium. How effective have the trade sanctions imposed on Russia in 2022 been? Politically, they were comprehensive and quick. But anecdotal reporting has suggested that Russian firms that w...Read more...

Journal article

Journal of Economic Perspectives:

A practical guide to shift-share instruments

A recent econometric literature shows two distinct paths for identification with shift-share instruments, leveraging either many exogenous shifts or exogenous shares. We present the core logic of both paths and practical...Read more...

Journal article

Journal of Human Resources:

Firm and worker responses to extensions in paid maternity leave

This paper investigates how firms and workers respond to a voluntary government-funded program increasing the duration of paid maternity leave from four to six months in Brazil. We show that larger, higher-paying, and mo...Read more...

Journal article

American Economic Journal: Applied Economics:

Do carbon offsets offset carbon?

We develop and implement a new method for identifying wasted subsidies and use it to provide systematic evidence of the misallocation of carbon offsets in the Clean Development Mechanism - the world's largest carbon offs...Read more...

Journal article

American Economic Review:

Five facts about MPCs: evidence from a randomized experiment

We present five facts from an experiment on the marginal propensity to consume (MPC) out of transitory transfers: (1) the one-month MPC on a cash-like transfer is 23 percent; (2) it is substantially higher (61 percent) o...Read more...

Chapter

Crime and the labor market

in Handbook of Labor Economics

The economics of crime has emerged as a critical field over the past 30 years, with economists increasingly exploring the causes and consequences of criminal behavior. This chapter surveys key contributions and developme...Read more...

Journal article

Review of Income and Wealth:

Insecurity on the labor market

There is a common feeling that life has become more insecure over time. I here consider this proposition with respect to the labor market. I first discuss how labor-market insecurity might be measured, and then its poten...Read more...

Journal article

Oxford Review of Economic Policy:

Ethnic minority and migrant pay gaps over the life-cycle

It is well-known that ethnic minority and migrant workers have lower average pay than the White UK-born workforce. However, we know much less about how these gaps vary over the life-cycle because of data limitations. We ...Read more...

Blog

Economics Observatory:

Wellbeing policy: what lessons from the Nobel laureate Daniel Kahneman?

The late Daniel Kahneman was awarded the economics Nobel Prize in 2002 for influential research on how people make decisions. His work on wellbeing has also had wide impact, including on what official statistics measure ...Read more...

Journal article

PloS ONE:

Agglomeration costs limit sustainable innovation in cities in developing economies

Theory and evidence from developed economies suggests that innovation activities benefit from agglomeration economies associated with urban economic density. However, despite the fact that eighteen of the world?s top twe...Read more...

CEP discussion paper

Quantitative urban economics

This paper reviews recent quantitative urban models. These models are sufficiently rich to capture observed features of the data, such as many asymmetric locations and a rich geography of the transport network. Yet these...Read more...

CEP discussion paper

Spatial economics

This paper reviews recent research in spatial economics. The field of spatial economics is concerned with the determinants and effects of the location of economic activity in geographic space. It analyses how geographica...Read more...

Blog

LSE Impact of Social Sciences:

What makes the child penalty in academia different?

Women are underrepresented in senior academic positions in economics. Ria Ivandic and Anne Sophie Lassen assess the impact of having children on men and women's career trajectories and suggest how the sector can adapt....Read more...

CEP discussion paper

Crime and the labor market

The economics of crime has emerged as a critical field over the past 30 years, with economists increasingly exploring the causes and consequences of criminal behavior. This chapter surveys key contributions and developme...Read more...

CentrePiece article

in brief... Designing carbon markets that deliver change

Ever since the European Union created its market-based carbon policy, governments and businesses have been keen to assess its impact. Jonathan Colmer, Ralf Martin, Mirabelle Muuls and Ulrich Wagner explain why analysing ...Read more...

CentrePiece article

The unequal health effects of smart tech in the workplace

How does technological progress affect workers' health? Melanie Arntz, Sebastian Findeisen, Stephan Maurer and Oliver Schlenker explore the effects of digitalisation and find evidence of worsening health among manual wor...Read more...

Journal article

Demography:

Population growth, immigration, and labor market dynamics

This article provides a first synthesis of population flows and labor market dynamics across immigrant and native-born populations. We devise a novel dynamic accounting methodology that integrates population flows from t...Read more...

Blog

Vox EU:

Closing the health gap: How chronic illness drives health inequality early on

Though health disparities have long been the subject of research and debate, life expectancy gaps between rich and poor remain striking, even in countries with universal access to healthcare. This column analyses the roo...Read more...

Blog

Centre for cities:

City Talks: Why we are seeing a boom in urban economics research (Podcast)

We are constantly finding out more about where people live and work, how people move around, where businesses choose to locate, and where people spend their money - all of which adds more depth to our picture of cities. ...Read more...

Journal article

Journal of Economic Literature:

Temporary employment in markets with frictions

Temporary employment has spiked in OECD countries over the last 40 years and is now a common feature of their labor market landscape. A large body of empirical literature examines the spread of temporary employment, but ...Read more...

Blog

Handbook of Labor Economics:

Handbook Talk with Stephen Machin: How does crime impact the economy and society? (Podcast)

In this podcast episode dedicated to the new edition of the Handbook of Labor Economics, Professor from the London School of Economics discusses the recent advances in the Economics of Crime. What are the economic con...Read more...

Journal article

Review of World Economics:

Curse or blessing? multinational corporations and labor market outcomes in Africa

Do multinational enterprises create local job opportunities in developing countries? We address this question in the context of Sub-Saharan Africa by combining information on domestic and foreign multinationals? affiliat...Read more...

CEP discussion paper

The wage of temporary agency workers

Using French administrative data, we estimate the wage gap distribution between in-house and temporary agency workers working in the same establishment and the same occupation. The average wage gap is about 3%, but the g...Read more...

Journal article

The Economic Journal:

Personnel management and school productivity: evidence from India

This paper uses new data to study school management and productivity in India. We report five main results. First, management quality in public schools is low, and -2 standard deviations below high-income countries with ...Read more...

CEP discussion paper

Gender, careers and peers' gender mix

We use Italian Social Security data to study how the gender composition of a worker's professional network influences their career development. By exploiting variation within firms, occupations, and labor market entry co...Read more...

Journal article

Nature:

Hybrid working from home improves retention without damaging performance

Working from home has become standard for employees with a university degree. The most common scheme, which has been adopted by around 100 million employees in Europe and North America, is a hybrid schedule, in which ind...Read more...

Blog

Vox EU:

Mafias and Firms (Podcast)

Which firms are infiltrated by organised crime, and why? We know that organised crime has links to some firms in the legal economy. But how big is this infiltration, and what do they gain from it? Rocco Macchiavello tell...Read more...

Blog

Imperial College Business School:

Do carbon markets work?

Ever since the EU created its market-based carbon policy, governments and businesses have been keen to see an impact. But analysing how effective policies can be on a noisy economic and global stage is complex - and hard...Read more...

CEP discussion paper

Putting quantitative models to the test: an application to Trump's trade war

The primary motivation behind quantitative modeling in international trade and many other fields is to shed light on the economic consequences of policy changes. To help assess and potentially strengthen the credibility ...Read more...

Journal article

American Economic Review:

Task-based discrimination

We develop a task-based model of occupational sorting to identify and quantify the effect of discrimination, racial skill gaps, and aggregate task prices on Black-White differences in labor market outcomes over time. At ...Read more...

Journal article

AEA Papers and Proceedings:

The linear algebra of economic geography models

We provide sufficient statistics for nominal and real wage exposure to productivity shocks in a constant elasticity economic geography model. These exposure measures summarize the first-order general equilibrium elastici...Read more...

Journal article

The Economic Journal:

Taking back control? Quasi-experimental evidence on the impact of retirement on locus of control

We use Australian panel data to examine the impact of retirement on individual locus of control, a socio-emotional skill with substantial explanatory power for a broad range of life outcomes. Exploiting the eligibility a...Read more...

CEP discussion paper

The organizational economics of school chains

We use the insights of firms' organizational economics to study school chains' organization. We match information on decentralization of activities for approximately 400 chains and 2,000 schools in England to student and...Read more...

Journal article

The Journal of Law, Economics, and Organization:

Noncompete agreements in a rigid labor market: the case of Italy

Noncompete agreements limiting the mobility of workers have been found to be widespread in the United States, a flexible and lightly regulated labor market. We explore the use of noncompete agreements in a rigid and high...Read more...

Journal article

Journal of the European Economic Association :

Formation of college plans: expected returns, preferences and adjustment process

We exploit a large exogenous shock to study the formation, and updating, of educational plans, and to examine how these plans ultimately impact later educational attainment. Using novel, longitudinal, microdata on cohort...Read more...

Journal article

The Economic Journal:

Immigration, female labour supply and local cultural norms

We study the local evolution of female labour supply and cultural norms in West Germany in reaction to the sudden presence of East Germans who migrated to the West after reunification. These migrants grew up with high ra...Read more...

Blog

LSE Business Review:

Why representation matters in the economics profession

What prompts someone to become an economist? How important is representation in inspiring the next generation of black economists? And how positive should women economists be about the future? Felicia Odamtten, an econom...Read more...

CEP discussion paper

Are we yet sick of new technologies? The unequal health effects of digitalization

This study quantifies the relationship between workplace digitalization, i.e., the increasing use of frontier technologies, and workers' health outcomes using novel and representative German linked employer-employee data...Read more...

Journal article

Journal of Health Economics:

The causal effect of a health treatment on beliefs, stated preferences and memories

The paper estimates the causal effect of a health treatment on patients? beliefs, preferences and memories about the treatment. It exploits a natural experiment which occurred in the United Kingdom during the COVID-19 va...Read more...

Journal article

Nature Human Behaviour:

Consumption responses to an unconditional child allowance in the United States

The COVID-19 pandemic put families in the United States under financial stress. The federal government's largest response in 2021 was the American Rescue Plan Act, which temporarily expanded the Child Tax Credit (CTC) in...Read more...

Journal article

American Economic Journal: Economic Policy :

Local retail prices, product variety, and neighborhood change

We study how local grocery markets within a city are affected by changes in housing markets. Our empirical strategy exploits a shift in the spatial distribution of construction activity induced by a large-scale, place-ba...Read more...

Journal article

European Economic Review:

Remote talks: changes to economics seminars during Covid-19

This paper analyzes the consequences of the change in the presentation mode of economics seminars triggered by the COVID-19 pandemic. The composition of seminar speakers changed significantly. The share of seminars held ...Read more...

Journal article

Explorations in Economic History:

The impact of public transportation and commuting on urban labor markets: evidence from the New Survey of London Life and Labour, 1929?1932

The growth of public transport networks in the late-nineteenth and early-twentieth centuries had profound effects on commuting in the industrialized world, yet the consequences for labor markets during this important per...Read more...

Journal article

AEA Papers and Proceedings:

Parenthood and academic career trajectories

Women continue to be underrepresented in the field of economics, especially among permanent faculty. As parenthood is an important driver of gender inequality in the labor market, we study the impact of children on the a...Read more...

Blog

Vox EU:

Unravelling the complexities of sanctions

Sanctions have become a linchpin of foreign policy. But as they have grown more complex, understanding their true impact on targeted economies has become increasingly difficult, and evidence of their firm-level effects i...Read more...

Journal article

American Economic Review :

The impact of regulation on innovation

We present a framework that can be used to assess the equilibrium impact of regulation on endogenous innovation with heterogeneous firms. We implement this model using French firm-level panel data, where there is a sharp...Read more...

Journal article

Oxford Economic Papers:

Trends in effort at work in the UK

This article links detailed 24-h diary surveys in the UK for the last four decades, to provide evidence of an increase in work effort in three specific dimensions: timing, nature, and composition. We rule out certain pro...Read more...

CEP discussion paper

Making the invisible hand visible: managers and the allocation of workers to jobs

Why do managers matter for firm performance? This paper provides evidence of the critical role of managers in matching workers to jobs within the firm using the universe of personnel records from a large multinational fi...Read more...

Journal article

Journal of Economic Perspectives:

The evolution of work from home

Full days worked at home account for 28 percent of paid workdays among Americans 20?64 years old, as of mid-2023. That's about four times the 2019 rate and ten times the rate in the mid-1990s. We first explain why the bi...Read more...

Journal article

The Economic Journal:

Individual consequences of occupational decline

We assess the career earnings losses that individual Swedish workers suffered when their occupations' employment declined. High-quality data allow us to overcome sorting into declining occupations on various attributes, ...Read more...

Blog

LSE Impact of Social Sciences:

New approaches to economics research are reshaping how we understand and respond to gender stereotypes

New ways of analysing data from images and text are being used by economists to study discrimination in the labour market. A recent workshop, hosted by the Centre for Economic Performance and the Department of Social Pol...Read more...

CentrePiece article

Wellbeing: science and policy

What produces a happy society and a happy life? In the first textbook on wellbeing, Richard Layard and Jan-Emmanuel De Neve explain how wellbeing can be measured, what causes it and how it can be improved. They conclude ...Read more...

Blog

Economics Observatory:

What did Adam Smith think - and why does it matter today?

This year is the tercentenary of Adam Smith - 300 years since the birth of the man widely considered to be the father of economics. Jesse Norman MP, author of Adam Smith: What He Thought, and Why It Matters, talks to Rom...Read more...

Journal article

AEA Papers and Proceedings:

The local labor market effects of modern manufacturing capital: evidence from France

Using an event study methodology and comprehensive micro data from the French manufacturing sector, we analyze the local labor market effects of investments in modern manufacturing capital, including modern automation te...Read more...

Journal article

Journal of the European Economic Association:

City of dreams

Bigger cities offer more valuable experiences and opportunities in exchange for higher housing costs. While higher-ability workers benefit more from bigger cities, they are not more likely to move to one. Our model of ur...Read more...

Chapter

Families, labor markets, and policy

in Handbook of the Economics of the Family

Handbook of the Economics of the Family, Volume One includes comprehensive surveys of the current state of the economics literaure in the field, prepared by leading scholars, with a particular empahsis on the most recent...Read more...

Book

Wellbeing: Science and Policy

What produces a happy society and a happy life? Thanks to the new science of wellbeing, we can now answer this question using state-of-the-art empirical evidence. This transforms our ability to base our decisions on the ...Read more...

Journal article

Applied Energy:

Breaking it down: a techno-economic assessment of the impact of battery pack design on disassembly costs

The electrification of the transport sector is a critical part of the net-zero transition. The mass adoption of electric vehicles (EVs) powered by lithium-ion batteries in the coming decade will inevitably lead to a larg...Read more...

CEP discussion paper

The economics of cities: from theory to data

Economic activity is highly unevenly distributed within cities, as reflected in the concentration of economic functions in specific locations, such as finance in the Square Mile in London. The extent to which this concen...Read more...

Journal article

The Quarterly Journal of Economics:

Globalization, trade imbalances, and labor market adjustment

We argue that modeling trade imbalances is crucial for understanding transitional dynamics in response to globalization shocks. We build and estimate a general equilibrium, multicountry, multisector model of trade with t...Read more...

Journal article

Labour Economics:

The gender reveal: the effect of sons on young fathers' criminal behavior and labor market activities

Based on New Zealand's administrative court charges data, we document child gender-specific differences in future criminal behavior of young fathers. The deterrent impact of having a son on the future likelihood of recei...Read more...

Blog

LSE Business Review:

What lies behind Sri Lanka's collapse?

Corruption, the preferential treatment of connections, dependence on debt finance, and explosive borrowing from China have combined to push Sri Lanka into economic collapse. Political instability has only prolonged the c...Read more...

Journal article

Regional Science and Urban Economics:

Introduction to the special issue: "Urban economics and history"

Read more...

Journal article

Regional Science and Urban Economics:

History and urban economics

This article reviews recent literature using insights from history to answer central questions in urban economics. This area of research has seen rapid growth in the past decade, thanks to new technologies that have made...Read more...

Journal article

Journal of Urban Economics:

The economics of skyscrapers: a synthesis

We document that skyscraper growth since the end of the 19th century has been driven by a reduction in the cost of height, increasing urbanization, and rising incomes. These stylized facts guide us in developing a compet...Read more...

Journal article

Regional Science and Urban Economics:

Viewing urban spatial history from tall buildings

Micro-geographic data capturing the spatial distribution of economic activity within cities in history are difficult to access. This paper discusses how tall and durable buildings can be exploited as a source of "big dat...Read more...

Blog

VoxEU:

Recidivism and neighbourhood institutions

Between 30% and 50% of individuals sentenced to prison are re-incarcerated in the two years after their release. Andres Barrios-Fernandez and Jorge Garcia-Hombrados examine links between church openings in Chile and re-i...Read more...

Journal article

Labour Economics:

Slack and prices during Covid-19: accounting for labor market participation

Strong labor force participation cyclicality during the Covid-19 pandemic has put further into question the capacity of standard Phillips Curve (PC) models to fully capture labor market cyclical conditions. In this paper...Read more...